机械行业：2024年报综述——持续关注新质生产力

Investment Rating - The report maintains a "Positive" investment rating for the machinery industry [1] Core Insights - The machinery sector underperformed in 2024 with a 5.04% increase in the Shenwan Machinery Equipment Index, lagging behind the Shanghai Composite Index by 7.63 percentage points and the Shenzhen Component Index by 4.3 percentage points. However, from the beginning of 2025, the index has risen by 10.44%, outperforming both major indices [2][17] - In 2024, the machinery industry's operating revenue reached CNY 19,995.67 billion, a year-on-year increase of 6.55%, while the net profit attributable to the parent company decreased by 3.28% to CNY 863.64 billion. In Q1 2025, operating revenue grew by 11.23% to CNY 4,540.09 billion, but net profit saw a significant decline of 30.03% [2][20][26] Summary by Sections Investment Summary - The machinery sector's performance in 2024 was below expectations, but it has shown strong recovery in 2025, leading the market [2][17] - The report suggests focusing on more proactive fiscal policies and new quality productivity to drive growth [4][41] Sector Performance - The internal segmentation of the machinery industry shows significant disparities, with semiconductor equipment (39.08%), photovoltaic processing equipment (29.60%), and motorcycles (17.85%) leading in revenue growth for 2024. In Q1 2025, semiconductor equipment (33.38%) and motorcycles (30.74%) continued to show strong growth [3][39] - The report highlights that the machinery sector's public fund allocation increased from 2.79% in 2024 to 3.27% in Q1 2025 [30] Policy Recommendations - The report emphasizes the importance of proactive fiscal policies to boost engineering machinery sales, with significant government bond issuance planned for infrastructure projects [5][44] - It also suggests continuous attention to new quality productivity sectors, including low-altitude economy, deep-sea technology, humanoid robots, and industrial mother machines [6][49] Emerging Opportunities - The low-altitude economy is expected to benefit from government support, with projections indicating substantial growth in drone deliveries and eVTOL aircraft by 2035 [7][50] - Deep-sea technology is crucial for energy security, with significant potential for domestic equipment replacement in deep-water oil and gas extraction [8][52] - Humanoid robots are positioned to address customization challenges in manufacturing, supported by government initiatives to expand application scenarios [9][53] - Industrial mother machines are identified as essential for reducing costs in mass production, with a growing market for core components [10][54]